Government Provides Relief In Provident Fund Contribution, Withdrawal Norms
The government on Thursday announced a couple of measures for workers enrolled under the Employee Provident Fund Organisation (EPFO) scheme, as part of a Rs 1.70 lakh crore economic package, introduced in order to tackle the economic distress caused due to coronavirus pandemic lockdown.
Briefing the media about the measures, Finance Minister Nirmala Sitharaman on Thursday said that for the next three months, the government will pay EPF contribution for both the employer and employee. However, the benefit will only be extended to organisations employing up to 100 workers and 90 per cent of whom earn less than Rs 15,000 a month.
Ms Sitharaman said the decision has been taken to ensure that employees'' EPF continuity is not lost, adding that the move will benefit over 4.8 crore employees in the organised sector.
In another announcement made for employees availing the EPF scheme, the government said it will amend regulations so that they can draw up to 75 per cent of non-refundable advance or three months of wages - whichever is lower - from their PF funds.
The finance minister added that the measures would come into effect immediately.
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